被OpenAI 盯上的中国公司，要去港股上市了

Core Viewpoint - Zhiyu is set to become the first "big model" stock in the global market, with an IPO scheduled for January 8, 2026, on the Hong Kong Stock Exchange, aiming to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1][3][8]. Financial Performance - Zhiyu's revenue is projected to grow from HKD 57.4 million in 2022 to HKD 312.4 million in 2024, representing a compound annual growth rate (CAGR) of 130% [3][4]. - The company reported a revenue of HKD 190 million for the first half of 2025, indicating significant growth [4]. - Gross margins for Zhiyu are reported at 54.6%, 64.6%, and 56.3% for the years 2022 to 2024, showcasing a stable commercial framework [6]. Market Position and Competitive Landscape - Zhiyu is recognized as the largest independent large model vendor in China, holding a market share of approximately 6.6% among general large model companies [6]. - The company has been acknowledged by OpenAI, indicating its growing significance in the global AI landscape [4][19]. Business Model and Growth Strategy - Zhiyu has developed a scalable cloud service system since 2021, with over 2.9 million users on its API platform, and expects API revenue to grow tenfold by 2025 [5]. - The company's MaaS (Model as a Service) business is becoming a foundational infrastructure for enterprise AI strategies, with over 65% of large enterprises planning to allocate at least 30% of their AI budgets to MaaS solutions in the next two years [5]. Technological Advancements - Zhiyu has invested over HKD 4 billion in R&D over the past three and a half years, with more than 70% allocated to computing power procurement [4]. - The company has launched several models, including GLM-4.7, which has achieved top rankings in coding ability assessments, indicating its competitive edge in model capabilities [10][13]. Global Expansion and Strategic Alliances - Zhiyu is positioning itself as a "national team" for AI model export, with its models already integrated into critical business processes across various sectors, including finance and healthcare [15][19]. - The company has initiated the "International Alliance for Autonomous Large Models" to help build national-level AI infrastructure in countries along the Belt and Road Initiative [17]. Future Outlook - The global AI market is expected to grow significantly, with projections indicating a market size of RMB 53 billion in 2024, increasing to RMB 101.1 billion by 2030, which presents a substantial opportunity for Zhiyu [19]. - Zhiyu's strategy aligns with global trends, aiming to establish itself as a key player in the foundational infrastructure of AI, similar to OpenAI [20].